Gains from remeasuring a foreign subsidiary’s financial statements from the local currency, which is NOT the functional currency, into the parent company’s currency should be reported as a(n):       extraordinary item (net of tax).   part of continuing operations.   deferred credit.   other comprehensive income item.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Gains from remeasuring a foreign subsidiary’s financial statements from the local currency, which is NOT the functional currency, into the parent company’s currency should be reported as a(n):

 

 

 

extraordinary item (net of tax).

 

part of continuing operations.

 

deferred credit.

 

other comprehensive income item.
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